Al Seer Marine, a subsidiary of Abu Dhabi-based International Holding Company (IHC), aims to close Dh36.7 billion ($10bn) worth of maritime deals in the next 10 years to boost growth.
The company entered into a partnership with Netherlands-based maritime company Damen Shipyards and Singapore’s DTec Industries as it continues to tap into new markets.
As part of the joint venture, the companies will work with partners in the Middle East and other countries to sell, build and maintain high-quality marine vessels around the world, Al Seer Marine said in a statement on Monday to the Abu Dhabi Securities Exchange, where its shares are traded.
“The collaboration with Damen Shipyards and DTec aligns well with Al Seer Marine's strategy in becoming a global brand in developing world-class marine vessels,” said Guy Neivens, chief executive of Al Seer Marine.
Al Seer Marine, which had assets worth Dh11.5bn at the end of June, has a diversified portfolio and offers services such as management and training, high-tech boatbuilding, unmanned systems development and manufacturing.
It is rapidly expanding in the commercial shipping segment and plans to acquire up to 15 ships in 2022 to boost its operations as global trade continues to pick up from the coronavirus pandemic-induced slowdown.
The company this year acquired two liquefied petroleum gas tankers valued at a combined Dh246 million and has large gas carriers currently under construction as part of a joint venture with BGN International. It is also expanding its freight solutions for bulk cargo globally to meet growing demand.
“With the current market indicators, we are confident this strategic joint venture will play a key role in Al Seer Marine's growth, which will be a great added value to our shareholders,” Mr Neivens said.
The global marine vessel market is projected to grow to $188.57bn in 2028, from $170.75bn in 2021, according to the company.
Founded in 1927, Damen Shipyards is focused on design, shipbuilding and ship repair across a range of sectors, while DTec offers services in “industrial participation and finance”, primarily in the maritime sector, according to the filing.
Al Seer Marine reported a more than 100 per cent jump in its second-quarter profit to Dh807.3m as revenue during the period more than doubled to Dh303.8m.
IHC is majority-owned by Abu Dhabi's PAL group of companies. The conglomerate includes more than 30 entities with 22,345 employees and is diversifying its holdings across sectors such as property, agriculture, health care, food and beverage, utilities, retail and leisure.
Milestones on the road to union
1970
October 26: Bahrain withdraws from a proposal to create a federation of nine with the seven Trucial States and Qatar.
December: Ahmed Al Suwaidi visits New York to discuss potential UN membership.
1971
March 1: Alex Douglas Hume, Conservative foreign secretary confirms that Britain will leave the Gulf and “strongly supports” the creation of a Union of Arab Emirates.
July 12: Historic meeting at which Sheikh Zayed and Sheikh Rashid make a binding agreement to create what will become the UAE.
July 18: It is announced that the UAE will be formed from six emirates, with a proposed constitution signed. RAK is not yet part of the agreement.
August 6: The fifth anniversary of Sheikh Zayed becoming Ruler of Abu Dhabi, with official celebrations deferred until later in the year.
August 15: Bahrain becomes independent.
September 3: Qatar becomes independent.
November 23-25: Meeting with Sheikh Zayed and Sheikh Rashid and senior British officials to fix December 2 as date of creation of the UAE.
November 29: At 5.30pm Iranian forces seize the Greater and Lesser Tunbs by force.
November 30: Despite a power sharing agreement, Tehran takes full control of Abu Musa.
November 31: UK officials visit all six participating Emirates to formally end the Trucial States treaties
December 2: 11am, Dubai. New Supreme Council formally elects Sheikh Zayed as President. Treaty of Friendship signed with the UK. 11.30am. Flag raising ceremony at Union House and Al Manhal Palace in Abu Dhabi witnessed by Sheikh Khalifa, then Crown Prince of Abu Dhabi.
December 6: Arab League formally admits the UAE. The first British Ambassador presents his credentials to Sheikh Zayed.
December 9: UAE joins the United Nations.
Zakat definitions
Zakat: an Arabic word meaning ‘to cleanse’ or ‘purification’.
Nisab: the minimum amount that a Muslim must have before being obliged to pay zakat. Traditionally, the nisab threshold was 87.48 grams of gold, or 612.36 grams of silver. The monetary value of the nisab therefore varies by current prices and currencies.
Zakat Al Mal: the ‘cleansing’ of wealth, as one of the five pillars of Islam; a spiritual duty for all Muslims meeting the ‘nisab’ wealth criteria in a lunar year, to pay 2.5 per cent of their wealth in alms to the deserving and needy.
Zakat Al Fitr: a donation to charity given during Ramadan, before Eid Al Fitr, in the form of food. Every adult Muslim who possesses food in excess of the needs of themselves and their family must pay two qadahs (an old measure just over 2 kilograms) of flour, wheat, barley or rice from each person in a household, as a minimum.
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Fighting with My Family
Director: Stephen Merchant
Stars: Dwayne Johnson, Nick Frost, Lena Headey, Florence Pugh, Thomas Whilley, Tori Ellen Ross, Jack Lowden, Olivia Bernstone, Elroy Powell
Four stars
